Concordia losses top US$1bn as sales slide

Concordia has registered an operating loss of US$1.16 billion in 2017 after suffering goodwill and intangible-asset impairments of US$1.19 billion for the year, largely due to pricing pressures and increased competition on several key products. The firm – which had long-term debt of US$3.69 billion as of 31 December 2017 – saw its turnover slide by almost a quarter to US$626 million “due to lower sales from both the Concordia North America and Concordia International segments, as well as unfavourable exchange-rate movements”.